February 6, 2023

Dubai Week

Complete Dubai News World

Oil prices are falling as US products return to the market

Oil prices fell yesterday as energy companies halted production in the US Gulf of Mexico region.

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The CNBC Arabia website, where, Brent crude futures fell 33 cents to $ 75.34 a barrel.

The US West Texas median crude futures are down 64 cents at $ 71.97 a barrel.

During the week, Brent rose 3.3% and US crude rose 3.2%, supported by tight materials caused by the hurricane’s supply disruption.

Today’s decline came after five consecutive sessions for Brent crude.

On Wednesday, Brent reached its highest level since late July, and U.S. crude reached its highest level since early August.

Crude oil exports from the Gulf coast resumed after Hurricanes Nicholas and Ida devastated 26 million barrels of coastal production.

With about 28% of U.S. crude production in the Gulf of Mexico halted, operations will resume, Reuters reported Thursday.

U.S. energy companies added oil and natural gas rickshaws for the second week in a row, although the number of marine units in the Gulf of Mexico remained unchanged after Hurricane Ida hit the coast two weeks ago.

Energy service provider Baker Hughes said 14 offshore rigs in the Gulf of Mexico were shut down by the IDA two weeks ago.

Last week, four marine sites returned to service.

Baker Hughes said the number of oil and gas appliances, an early indicator of future production, rose ninefold to 512 in the week ended September 17, the highest level since April 2020.

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